Bonds & Stocks
A rebound in chipmakers powered Wall Street gains, with stocks also rising as oil fell on hopes for a revival of a peace deal between the US and Iran that has all-but collapsed amid an escalation of hostilities. The S&P 500 rose 0.6%. The yield on 10-year Treasuries advanced two basis points to 4.56%.
Economy
Oil swung sharply between gains and losses in a fraught session as traders grappled with a barrage of headlines that suggest a worsening of the Middle East conflict, as well as attempts to bring about a pause in the war. Brent futures were little changed near $88 having gained almost 4% at one point, and shed as much as 2.3% at another.
World
The Houthis, an Iran-backed Yemeni group, said they would impose a maritime blockade on Saudi Arabia, putting at risk the flow of millions of barrels that the kingdom exports via the Red Sea.